GROW WITH US

NOVEMBER 2019

ABN 98 117 085 748

DISCLAIMERS

2

Competent Persons StatementThe information in this presentation that relates to Production Targets and Ore Reserves for Lake Way is extracted from the report entitled ‘Outstanding Bankable Feasibility Results for Lake Way’ dated 11 October 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Production Targets and Ore Reserves was based on, and fairly represents, information compiled by Mr Ben Jeuken, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists, and Mr Robert Kinnell, who is a member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Geological Society of London. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Kinnell is a full time employee of Salt Lake Potash Limited. Mr Jeuken and Mr Kinnell have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.The information in this presentation that relates to Exploration Results and Mineral Resources for Lake Way is extracted from the report entitled ‘Outstanding Bankable Feasibility Results for Lake Way’ dated 11 October 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Exploration Results and Mineral Resources was based on, and fairly represents, information compiled by Mr Ben Jeuken, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the International Association of Hydrogeologists. Mr Jeuken is employed by Groundwater Science Pty Ltd, an independent consulting company. Mr Jeuken has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.The information in this presentation that relates to Process Testwork Results is extracted from the announcement entitled ‘Premium Grade Water Soluble Sulphate of Potash Produced from Lake Way Salts’ dated 18 September 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Process Testwork Results was based on, and fairly represents, information compiled by Mr Bryn Jones, BAppSc (Chem), MEng (Mining) who is a Fellow of the AusIMM. Mr Jones is a Director of Salt Lake Potash Limited. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.The information in this presentation that relates to Processing and the Process Plant is extracted from the announcement entitled ‘Outstanding Bankable Feasibility Results for Lake Way’ dated 11 October 2019. This announcement is available to view on www.so4.com.au. The information in the original ASX Announcement that related to Processing and the Process Plant was based on, and fairly represents, information provided by Mr Kevin Martina, Professional Engineer, who is a Member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), a ‘Recognised Professional Organisation’ (RPO) included in a list promulgated by the ASX from time to time. Mr Martina is employed by Wood Canada Limited, Saskatoon. Wood is engaged as a consultant by Salt Lake Potash Limited. Mr Martina has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Salt Lake Potash Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Salt Lake Potash Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Production TargetThe Lake Way 245ktpa Production Target stated in this presentation is based on the Company’s Bankable Feasibility Study as released to the ASX on 11 October 2019. The information in relation to the Production Target that the Company is required to include in a public report in accordance with ASX Listing Rule 5.16 and 5.17 was included in the Company’s ASX Announcement released on 11 October 2019. The Company confirms that the material assumptions underpinning the Production Target referenced in the 11 October 2019 release continue to apply and have not materially changed.

Forward Looking StatementsThis presentation contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to pre-feasibility and definitive feasibility studies, the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this news release are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in Schedule 2 of the Company’s Notice of General Meeting and Explanatory Memorandum dated 8 May 2015.

Disclaimer NoticeThe material in this presentation (‘material’) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security in Salt Lake Potash Ltd ‘(‘SO4’) nor does it form the basis of any contract or commitment. SO4 makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. SO4, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded. Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of SO4, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

SULPHATE OF POTASH

3

A PREMIUM PRODUCT

Main types of Potash with distinct markets

Variation in application

MOP(KCl)

SOP(K2SO4)

Annual production: ~70Mtpa

Current price: <US$300/t

Annual production: ~7Mtpa

Current price: US$500-US$650/t

M O P B E S TS O P B E S T

PART CHLORIDE-TOLERANT CROPS CHLORIDE-SENSITIVE CROPSCHLORIDE-TOLERANT CROPSCHLORIDE-LOVING CROPS

MOP pricing closely correlated to supply demand balance

SULPHATE OF POTASH

4

SOP FOLLOWS SPECIALITY PRICE TREND COMPARED TO MOP

SOP pricing has remainedrelatively stable

SOP PREMIUM SOP STANDARD (CIF NW EUROPE) MOP (FCA NW EUROPE)

Source: CRU, May 2019.

MOP(FCA NW EUROPE)

SOP STANDARD(CIF NW EUROPE)

2010 2012 2014 2016 2018

US$/t

600

500

400

300

200

100

02011 2013 2015 2017

0

100

200

300

400

500

600

LOW COST GLOBAL PRODUCER

5

SUSTAINABLE ADVANTAGE OF BRINE PRODUCTIONO

pera

ting

Cost

s (U

S$/F

OB)

BRINE PRODUCTION

LAKE WAY245ktpa

Cumulative Production (kt)

The cost base of the industry is essentially bifurcated into Primary (Brine) and Secondary (Mannheim & MOP Recrystallisation) production.

ORE+

MOP H2SO4 SOP+

HCl

MANNHEIM PROCESS MOP heated to 600°C – 800°C in furnace

PRIMARILY MANNHEIM + SECONDARY PRODUCTION

50% of producers are loss making at US$410/t

Source: SO4 Estimates and Argus.

500

550

600

650

700

750

800

850

900

2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

US$/t

PREMIUM PRODUCT

6

VERY HIGH GRADE AND WATER SOLUBLE

<0.1%

INSOLUBLES Total solubility of 11.8g/100g H2O

Dissolution rate of 95% in 1 minute

LAKE WAY SPECIFICATION (FOB AUSTRALIA)

SOP Price Forecast [REAL 2018]

Source: SO4 analysis.

LAKE WAY PREMIUM SPECIFICATIONS

>18%

S

<0.1%

Cl>53%

K2O

WATER SOLUBLE (CFR NORTH AMERICA)

PREMIUM GRADE (CFR NW EUROPE)PREMIUM GRADE (CFR NORTH AMERICA)

MARKETING STRATEGY

7

GLOBAL DIVERSIFICATION APPROACH

MARKET PENETRATION TO ETABLISH

PREMIUM PRODUCT ACCEPTANCE

PARTNER WITH INDUSTRY LEADING OFFTAKERS AND

DISTRIBUTORS

TARGET MARKETS WHERE SO4

SOP HAS HIGH VALUE-IN-USE

STRATEGICALLY TARGET DEVELOPED

PREMIUMMARKETS

EARLY ENTRY TO EMERGING

GROWTH MARKETS

SO4 will deliver high grade, chloride-free fertiliser

SHARE PRICE PERFORMANCE

8

SUPPORTED BY ACCELERATED DEVELOPMENT OF LAKE WAY

–

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

–

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

Oct-2018 Dec-2018 Feb-2019 Apr-2019 Jun-2019 Aug-2019 Oct-2019

A$/share million shares

Appointment of Tony Swiericzuk

Stage 1 Civils commence

Equity placement to fund Lake Way construction

Lake Way 200ktpa Scoping Study released

Enhances Senior Project Development Team

Strategic acquisition of BLK Lake Way tenements

Lake Way 245ktpa BFS released

UPCOMING MILESTONES

9

STAGED DEVELOPMENT TO DELIVER FIRST PRODUCTION Q4 2020

2019 2020 2021

Q4 Q1 Q2 Q3 Q4 Q1

FIRST SHIPMENT

Lake Way in Operation

Process Plant Construction

FIRST PRODUCTION

SIGNING OF NATIVE TITLE AGREEMENT STAGE 2 CIVILS COMPLETE STAGE 3 CIVILS COMPLETEFULLY PERMITTED

Stage 2 On-Lake Construction Stage 3 On-Lake ConstructionProduction Bores Installed

LAKE WAY BFS RESULTS

10

EXCEPTIONAL ECONOMICS

A$254MCAPEX

A$111MEBITDA

PER ANNUM

A$479MNPV8

(post-tax)

28%IRR

(post-tax)

3.5 YEARPAYBACK

245ktpaSOP

PRODUCTION

ENHANCED PROJECT FINANCIALS

11

BFS DELIVERS POST-TAX NET PRESENT VALUE OF A$479M

Metric Unit Scoping Study BFS % change

Production tpa 200,000 245,000

Life of mine years 20 20 Unchanged

First production Qtr Q4 2020 Q4 2020 Unchanged

Payback period years 3.2 3.5

Capital cost A$m 237 254

Capital intensity A$/t 1,185 1,038

C1 cash cost A$/t 264 302

EBITDA1 A$m 90 111

NPV8 (post-tax) A$m 381 479

IRR (post-tax) % 27% 28%

Annual production of 245ktpa with value added KCl addition

22.5%

7.9%

7.2%

(12.6%)

14.4%

23.3%

25.7%

3.7%

Efficient capital spend and significantly improved capital intensity

Increasing earnings and maintaining lowest quartile C1 cost

Construction optimised to support rapid schedule and accelerate returns

Outstanding returns with ~A$100m increase in post-tax NPV

Note 1: Refers to average annual Project cash flows during steady-state production.

STRATEGIC LOCATIONPROXIMITY TO KEY INFRASTRUCTURE

Wiluna township and airport located within 15km of operations

Gas Pipeline located along the eastern side of Lake Way

Goldfields Highway adjacent to Lake Way for heavy haulage transport

Process water sourced from the existing Southern Borefield and West Creek Borefield

Highway

Road

Lake Way Tenement

Proposed Water Pipeline

Proposed Gas Pipeline

Gas Pipeline

Airport

G A SP I P E L I N E

WEST CREEKBOREFIELD

SOUTHERNBOREFIELD

W I L U N A

KILOMETERS

0 5 10

12

13

SIGNIFICANT ORE RESERVE5.4MT SOP AT INITIAL GRADE OF 15.2KG/M3

High-grade Probable Ore Reserve of 5.4Mt SOP underpins a 20-year life of mine

Increase in paleochannel resource supports additional production bores

Mineral Resource Estimate contains 11.4Mt SOP Drainable Porosity

Excess sulphates enable a higher production rate with value added KCl addition

KILOMETERS

0 5 10

Southern Lake Bed Resource

Paleochannel Resource

Gas Pipeline

Road

Highway

Bores

Northern Lake Bed Resource

Reserve fromthe Paleochannel

Basal Sands

Reserve fromthe Northern Lake

Bed Sediments

14

FAST TRACKED PRODUCTIONSTAGE 1 PONDS ALREADY IN OPERATION

Access to existing Mining Leases has enabled early construction commencement

Stage 1 ponds are now in commercial operation with high grade brine from the Williamson Pit

Construction of Stage 2 ponds and brine extraction infrastructure to commence Q4 2019

Plant commissioning forecast Q4 2020, using harvest salts produced from Stage 1 operation

KILOMETERS

0 1 2

STAGE 4 [H1 2021]

STAGE 3 [H2 2020]

STAGE 2 [Q4 2019]

STAGE 1 [COMPLETE]

S O 4C A U S E W AY

O F F I C E S &L AY D O W N

15

STAGE 1 SOLAR EVAPORATION PONDS

NOTE VEHICLE FOR REFERENCE

16

CONSTRUCTION OF SEEPAGE TRENCHES

17

SITE EVAPORATION TRIALS CONTINUE

NEW SHEET PILE SYSTEM FOR POND WALLS

18

NEW SHEET PILE SYSTEM FOR POND WALLS

ON LAKE PRODUCTION PROCESS

19

BORES, SEEPAGE TRENCHES AND SOLAR EVAPORATION PONDS

OFF LAKE PRODUCTION PROCESS

20

SIMPLE PROVEN FLOWSHEET USING CONVENTIONAL PROCESS STEPS

CREATING POSITIVE CHANGE

21

STRONG ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

Industry, Innovation & InfrastructureBuild resilient infrastructure, promote

sustainable industrialisation, foster innovation

Responsible Consumption & Production

Ensure sustainable production patterns

Climate ActionReduce emissions

from fertiliser production

Life on LandRespect heritage sites, promote sustainable

use and reverse land degradation

Reduced InequalitiesCreate opportunities within remote

and regional communities

Good Health & Well-beingIncrease availability of healthy, organic produce

Zero HungerPromote sustainable agriculture to meet global food demand

Quality EducationEnsure inclusive and quality education and lifelong learning opportunities

Affordable Clean EnergyAccess to affordable, reliable and sustainable modern energy

Decent Work & Economic GrowthEnhance economic livelihood and productive employment

Delivering on the United Nations

Sustainable Development Goals

PROJECT FUNDING SECURED

Up to US$150 million debt financing secured from Taurus

Staged funding to facilitate rapid development of Lake Way

US$30 million Stage 1 debt to fast track construction

A$28 million equity secured from strategic investors

Refer ASX Announcement dated 5 August 2019.

23

SCALABLE PORTFOLIO

Nine large potassium rich salt lakes

Creation of an Australian SOP Province

Multi-lake growth to a significant scale will deliver cost synergies

Several lakes have excellent access to transport, energy and other infrastructure

CREATION OF AN AUSTRALIAN SOP PROVINCE

Railway

Roads

Towns

Ports

SO4 Lakes

W E S T E R NA U S T R A L I A

PERTH

M A P A R E A

24

GROW WITH US

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